Raymond James & Associates Sells 42,078 Shares of MannKind Co. (NASDAQ:MNKD)

Raymond James & Associates lessened its stake in MannKind Co. (NASDAQ:MNKD) by 11.5% during the second quarter, Holdings Channel reports. The firm owned 323,650 shares of the biopharmaceutical company’s stock after selling 42,078 shares during the period. Raymond James & Associates’ holdings in MannKind were worth $1,689,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Susquehanna Fundamental Investments LLC bought a new position in MannKind during the 1st quarter valued at $450,000. Parkman Healthcare Partners LLC lifted its position in shares of MannKind by 20.8% during the fourth quarter. Parkman Healthcare Partners LLC now owns 2,498,624 shares of the biopharmaceutical company’s stock valued at $9,095,000 after purchasing an additional 429,677 shares in the last quarter. 180 Wealth Advisors LLC boosted its holdings in MannKind by 12.6% during the first quarter. 180 Wealth Advisors LLC now owns 1,942,210 shares of the biopharmaceutical company’s stock worth $8,798,000 after purchasing an additional 216,880 shares during the last quarter. Virtu Financial LLC grew its position in MannKind by 87.2% in the 4th quarter. Virtu Financial LLC now owns 96,066 shares of the biopharmaceutical company’s stock worth $350,000 after purchasing an additional 44,737 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. increased its stake in MannKind by 71.4% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 235,886 shares of the biopharmaceutical company’s stock valued at $1,069,000 after buying an additional 98,282 shares during the last quarter. Hedge funds and other institutional investors own 49.55% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on MNKD shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $6.50 target price on shares of MannKind in a report on Thursday, May 9th. Rodman & Renshaw assumed coverage on shares of MannKind in a report on Thursday, June 13th. They set a “buy” rating and a $8.00 price objective on the stock. Finally, Oppenheimer raised their price target on MannKind from $10.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $8.80.

MannKind Trading Down 2.9 %

MNKD stock opened at $6.08 on Wednesday. The firm has a 50 day moving average of $5.50 and a 200-day moving average of $4.84. The firm has a market capitalization of $1.66 billion, a P/E ratio of 202.67 and a beta of 1.32. MannKind Co. has a 12 month low of $3.17 and a 12 month high of $6.44.

MannKind (NASDAQ:MNKD) last released its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.04. The firm had revenue of $72.39 million during the quarter, compared to analyst estimates of $64.81 million. MannKind had a net margin of 4.73% and a negative return on equity of 11.97%. The business’s revenue for the quarter was up 48.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.02) EPS. Sell-side analysts predict that MannKind Co. will post 0.11 EPS for the current year.

Insider Buying and Selling

In other MannKind news, insider Stuart A. Tross sold 80,000 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $6.33, for a total value of $506,400.00. Following the sale, the insider now owns 1,047,191 shares of the company’s stock, valued at approximately $6,628,719.03. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Stuart A. Tross sold 80,000 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $6.33, for a total value of $506,400.00. Following the transaction, the insider now directly owns 1,047,191 shares in the company, valued at $6,628,719.03. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Steven B. Binder sold 5,055 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $5.94, for a total transaction of $30,026.70. Following the completion of the sale, the executive vice president now directly owns 1,075,026 shares in the company, valued at $6,385,654.44. The disclosure for this sale can be found here. Insiders sold a total of 172,997 shares of company stock worth $1,089,412 over the last ninety days. 3.00% of the stock is owned by corporate insiders.

MannKind Company Profile

MannKind Corporation, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapeutic products for endocrine and orphan lung diseases in the United States. It offers Afrezza, an inhaled insulin used to improve glycemic control in adults with diabetes, and the V-Go wearable insulin delivery device, which provides continuous subcutaneous infusion of insulin in adults.